Industrial Boilers Market Outlook - 2027
Industrial boilers are closed vessels that produce steam through different types of fuels, such as oil & gas, fossil, non-fossil, and biomass in order to carry out industrial heating processes. The steam that is produced is transferred to the area of operation through pipes.
The technology used in industrial boilers has been constantly evolving as per its requirements in various industries. These boilers are designed to comply with the emission standards set by EPA, i.e. national emission standards pertaining to air pollutants released by industrial boilers. These industrial boilers are used by multiple industries, such as food & beverage, petrochemical, power, and chemical.
- The global market for industrial boilers is severely impacted by the outbreak of the COVID-19 pandemic.
- The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
- Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
- Thus, insufficiency in raw material supply is expected to hamper the production rate of industrial boilers, which negatively impact the market growth.
Top impacting factors: Market Scenario Analysis, Trends, and Drivers
High disposable income and increase in population have increased the growth of numerous industries including textile, food & beverages, and FMCG. To fulfill the increase in demand, companies are not only expanding their existing manufacturing units but also setting up new industrial plants, which, in turn, is boosting the product demand.
Moreover, stringent laws to regulate harmful emissions in the environment are likely to boost the adoption rate of industrial boilers, in turn, triggering the demand for the product.
The Brazil market is expected to be the fastest growing over the forecast period due to rapid industrialization in the country, which has resulted in growing investments in numerous sectors including automotive, agribusiness, oil & gas, and renewable energy.
The global industrial boilers market is studied across major four regional markets including North America, Europe, Asia-Pacific, and LAMEA. Europe is expected to be the largest market over the coming years in response to several factors including rapid industrialization and growing industries including FMCG, food & beverages, and power. In addition, strict regulations established by the European government pertaining to harmful emissions in the environment is further expected to complement the growth of this region. Besides this, Asia-Pacific is expected to register significant growth due to development of mega power products and environmental protection laws and the increasing demand for food products. Mega power projects in developing countries, especially China and India, are likely to boost the demand for industrial boilers in Asia-Pacific.
Key benefits of the report:
- This study presents the analytical depiction of the global Industrial Boilers market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Industrial Boilers market share.
- The current market is quantitatively analyzed to highlight the global Industrial Boilers market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global industrial boilers market analysis based on competitive intensity and how the competition will take shape in coming years.
Industrial Boilers Market Report Highlights
By Industry Vertical
Key Market Players
Siemens AG, Forbes Marshall, Dongfang Electric Corporation Ltd., Thermax Ltd., Mitsubishi Heavy Industries, Ltd., AC Boilers, Harbin Electric Corporation, Cheema Boilers Limited., Bharat Heavy Electricals Ltd., Babcock & Wilcox Enterprises, Inc., IHI Corporation